Intel reports EPS of $0.69 in Q3, record revenue

Company News | Business | Markets10/18/2016, 10:25 PM

EPA / Ritchie B. Tongo

Intel Corporation released their earning results for the third quarter of 2016 on Tuesday after market close. The company reported diluted earnings per share (EPS) of $0.69, up from $0.64 in the same quarter last year. Net income was $3.4 billion, representing an 9% increase year-on-year. The largest sequential increase in revenue for a business unit was in the Client Computing Group, rising 21% while the lowest was in the Programmable Solutions Group, down 9%.

"It was an outstanding quarter, and we set a number of new records across the business," said the chimp-makers chief executive officer. The chief financial officer remarked that Intel achieved record revenue and strong profitability.

In September, Intel raised its guidance for the third quarter. This increase was primarily driven by the replenishment of the personal computer (PC) supply chain inventory. Intel also saw some signs of improvement in the PC demand. Its stock is trading lower in the after market hours, with a price of $36.35, down 3.4% from close, at 10:15 p.m. CET.